Two new Blockchain-based bill launch for Malta in early November

By Ravindra Chagetha

The ‘Blockchain Island’, Malta, since its quest to become one of the prime Blockchain hubs has once again made a move towards the development of the Blockchain industry in the region. Malta has recently announced to introduce two new Blockchain-based bills which will take care of the regulations and aims to bring more business to the range.

The state announced the date for the launch of its new Blockchain-based bills that will be effective from November 1st. The bills in concern are namely, the Virtual Financial Assets Act (VFA) and the Innovative Technology Arrangement and Services Act (ITAS).

The bills are focused for the proper functioning for ICOs and emphasizing regulations of the cryptocurrency and blockchain industry. The Virtual Financial Assets Act (VFA) is in regards to the ICOs that they will have to follow. An important aspect of this law is that companies launching ICOs will have to disclose their financial history. The Innovative Technology Arrangement and Services Act (ITAS) is for the legislative framework for the regulation of the cryptocurrency and blockchain industry.

The launch of the two bills coincides with the start date of the Malta Blockchain Summit. According to the CEO of the Malta Blockchain Summit, Eman Pulis, “We’ve always said that we’re here to support the conscious efforts being made at the national level to make Malta the primary jurisdiction for blockchain and DLT.” This summit would be a great opportunity for Malta to showcase why it has become a blockchain island as the meeting is to expect around  5,000 delegates.

Due to China’s attitude as an anti-crypto nation, Binance, a crypto exchange firm which was originated in China has also turned its attention to crypto haven Malta. Also, Bittrex, another exchange, became latest to make a move to the European Nation.

The founder of the digital trading platforms Paritech and OpenMarkets, Rick Klink, is going to lead the Malta Digital Exchange (MDX) as he plans to bring his technology to the digital asset space.

MDX aims to grow and become the top security exchange. focusing basically on “virtual financial assets (VFA) and security tokens.” The founder explained his choice of European nations as the “innovative regulatory framework.”

Rick Klink stated, “It’s a very exciting time in the digital assets space with the rapid emergence of security tokens.” The move is about to initiate simultaneously when Binance is working with the Maltese Stock Exchange to launch a digital exchange for security token trading.